Seniors Not Rushing to Retirement Homes

Although there are plenty of senior living centres and retirement homes across Canada in growing numbers, that doesn’t mean those in the Zoomer age bracket are rushing to make such a change in lifestyle.

Using data from the 2016 census, Toronto-based real estate consultants, Altus Group, have released a report indicating that those 65+ are not necessarily looking to completely downsize their living situation.

According to Altus Group, 71% of Canadians 65-74 live in “single-family homes,” a category which includes detached, semi-detached residences and townhouses. Meanwhile, another 27% reside in apartments.

“We call 65 senior, but part of the point is that at 65-74, you are still pretty young,” commented Patricia Arsenault, Altus Group’s Executive Vice-President of Research Consulting Services and the author of this report.

Also in 2016, 61% of those aged 75-84 remained in single-family homes, while 31% of people in that age range continued to live in an apartment building. What’s more, only 32% of those 85+ found themselves in a collective living facility.

However, as the Canadian population – more specifically, the boomer demographic continues to age – Altus Group expects that the retirement home and nursing home sector will see a “tsunami in demand.”

As you will recall, results from the 2016 Census confirmed that there are now more senior citizens living in Canada than children. Canada is home to 5.9 million individuals aged 65+ and 5.8 million children under the age of 14.

On a recent episode of “theZoomer,” host Marissa Semkiw and a panel of real estate and décor experts offered insight and advice about home downsizing. You can watch that episode on Friday, August 11 at 2pm ET & 11pm ET on VisionTV.

-Adam Grant

CARP Logo Cluster 2017
CARP advocates for better healthcare and financial security for Canadians as we age and gives its members access to great benefits and discounts. Read more About CARP.